Posted by Lyal on August 06, 2003 at 09:00:10:
Do you have Lonnie’s books?? If not, you need to get them so you don’t wade into quicksand like this again.
What made you think you could make a profit on this in the first place? (The seller shows no signs of being movivated) Do you own a park? If not, do you have a good relationship with a park manager that will let you move this in? Have you surveyed your market so you have a good idea of what homes like this are selling for?
From your description (24 x 70), I gather this is a double wide. Old DW’s are notoriously expensive and time consuming to move. You should have had this information before you made the offer on the place. If it’s not a double, your moving costs are way out of line and you need to do more research.
Sorry but in my opinion, you need to start over. Bail out on this deal as gracefully as you can, get Lonnie’s books (or re-read them if you have them), put some effort into learning your market and stop “making offers”. Follow Lonnie’s guide. Build a relationship with 1 or more park managers. Deal only with motivated sellers. Let them name the price. Sell “as is, where is” (at least until you get some experience). Sell with owner financing. Rinse and repeat…
All the best, Lyal